By Simply Wall St
Publication Date: 2026-05-22 02:15:00
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IREN (NasdaqGS:IREN) is back in focus after a sharp pivot toward AI cloud and data center infrastructure, anchored by a five year AI cloud services contract with NVIDIA and related equity rights.
See our latest analysis for IREN.
Recent trading reflects that story clearly, with the share price up 10.15% in the past day, a 30 day share price return of 28.54% and a 90 day share price return of 45.22%, while the 1 year total shareholder return is extremely high and signals strong momentum despite occasional pullbacks.
If you are weighing IREN against other potential AI infrastructure opportunities, this is a good moment to broaden your view and check out 46 AI infrastructure stocks
After a move this strong, the key question is whether IREN’s AI pivot and major contracts still leave room for upside, or if the current valuation already reflects the company’s future growth potential and leaves little on the table.
Most Popular Narrative: 39.4% Undervalued
According to the most followed narrative on Simply Wall St, IREN’s fair value of $95.75 sits well above the last close at $58.06, framing the current AI centered story as still having room to run in that model.
“Base Case” Model: To arrive at the $95.75 Fair Value, the valuator assumes IREN hits $8.7B in revenue and $2.9B in earnings by the year 2031…
